Coinbase continues push to compel SEC to act on crypto rulemaking petition

Coinbase has doubled down on its push for a court order compelling the US Securities and Trade Fee (SEC) to act on the agency’s crypto rulemaking petition.

Coinbase needs a mandamus issued inside 30 days to compel the SEC to give an official reply on whether or not it can settle for or deny the petition.

The SEC submitted a long-awaited status update on Oct. 12, vaguely stating that “fee employees offered a suggestion” to the SEC over Coinbase’s petition however didn’t expose any additional particulars.

In an Oct. 13 publish on X (previously Twitter), Coinbase chief authorized officer Paul Grewal slammed the SEC for dragging its heels and known as for a mandamus to drive the SEC into adequately outlining its intentions.

We’ve filed our response with the Third Circuit. Tl;dr: the SEC’s unilluminating “replace” is mere bureaucratic pantomime and confirms that nothing wanting mandamus will immediate the company to take its obligations severely. 1/3 https://t.co/DC1o8EflcH

— paulgrewal.eth (@iampaulgrewal) October 14, 2023

Grewal additionally shared Coinbase’s response to the SEC replace that it filed with the U.S. Court docket of Appeals for the Third Circuit.

“The SEC’s unilluminating report is mere bureaucratic pantomime and confirms that nothing wanting mandamus will immediate the company to take its obligations severely. It took greater than a 12 months and an order from this Court docket to elicit even a staff-level suggestion,” the response reads, including that:

“The Fee has resolved not to conduct the rulemaking Coinbase requested, and it’ll exploit each bureaucratic artifice in its arsenal to forestall judicial overview as long as the Court docket permits it.”

Coinbase initially filed the rulemaking petition in July 2022, requesting the SEC to “suggest and undertake guidelines” to govern the crypto market, together with potential guidelines to clearly define which digital property fall underneath the definition of securities.

After the SEC failed to reply, Coinbase filed a petition for mandamus 9 months later, in search of the courtroom to compel the SEC to give a “sure or no” reply.

Associated: Coinbase spot trading volume falls by 52% compared to 2022: Report

Nevertheless, the SEC has fired again a number of occasions, refuting the necessity to meet Coinbase’s necessities and asking the court to deny Coinbase’s petition for mandamus.

In mid-June, the SEC asked the court for 120 days to respond to the rulemaking petition. Such a timeline suggests that the agency may have an answer by the end of October or early November.

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